This bill has been amended

Bill S3724-2013

Tax credit for the purchase of voltage regulation technology

Provides for a tax credit for the purchase of voltage regulation technology equal to fifty percent of the cost, up to a $1000 limit for all voltage regulation technology; provides for standards to be set by NYSERDA.

Details

Actions

  • Jan 8, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • May 21, 2013: REPORTED AND COMMITTED TO FINANCE
  • Feb 12, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Meetings

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - May 21, 2013
Ayes (7): Marcellino, Carlucci, Golden, Nozzolio, O'Mara, Zeldin, Hoylman
Ayes W/R (1): Squadron
Nays (1): Diaz

Memo

BILL NUMBER:S3724

TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for the purchase of voltage regulation technology

SUMMARY OF PROVISIONS: This bill amends the Tax Law.

Section 1 amends Section 210 of the Tax Law, by adding a new subdivision 46 creating a credit for the purchase of voltage regulation technology. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to fifty percent of the cost of voltage regulation technology, up to one thousand dollars, for all Purchases made by such taxpayer.

Section 2 adds a new clause (xxxv) to section 606 of the Tax Law providing for a credit for the purchase of voltage regulation technology under subsection (vv).

Section 3 amends section 606 by adding a new subsection (vv). This subsection provides for a credit for the purchase of voltage regulation technology. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to fifty percent of the purchase price of such technology up to a one thousand dollar limit for all purchases made by such taxpayer.

Section 4 provides that this act shall take effect on the first of January next succeeding the date on which it shall have become law, and shall apply to taxable years commencing on and after such date.

PURPOSE AND JUSTIFICATION: Demand for electricity continues to increase in New York. Supplying such increased demand must eventually lead to construction of new power plants, increased carbon emissions and increased demand for foreign oil. It makes more sense to increase efficiency, when possible, both to reduce energy costs for homeowners and businesses and to reduce the need for more electricity. This bill gives added incentive to taxpayers to invest in voltage regulation technology that will allow them to use electricity more efficiently, reducing their costs while at the same time helping our environment.

PRIOR LEGISLATIVE HISTORY: 2012: S.3426-A/A.10123 - FINANCE/Ways & Means 2011: S.3426 -- INVESTIGATIONS 2009-10: S.3519 -- INVESTIGATIONS

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect on the first of January next succeeding the date on which it shall have become law and shall apply to taxable years commencing on and after such date.


Text

STATE OF NEW YORK ________________________________________________________________________ 3724 2013-2014 Regular Sessions IN SENATE February 12, 2013 ___________
Introduced by Sens. RANZENHOFER, LARKIN, MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to providing a tax credit for the purchase of voltage regulation technology THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210 of the tax law is amended by adding a new subdivision 46 to read as follows: 46. CREDIT FOR THE PURCHASE OF VOLTAGE REGULATION TECHNOLOGY. (A) ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO FIFTY PERCENT OF THE COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION, UP TO A ONE THOUSAND DOLLAR LIMIT FOR ALL PURCHASES MADE BY SUCH TAXPAYER DURING THE TAXABLE YEAR. (B) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL ADOPT RULES AND REGULATIONS SETTING FORTH VOLTAGE REGULATION TECHNOLOGIES WHICH QUALIFY FOR THE CREDIT UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY PERCENT OF THE ELECTRICAL LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON ITS WEBSITE. (C) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF THIS SECTION.
S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xxxv) to read as follows: (XXXV) CREDIT FOR THE PURCHASE OF AMOUNT OF CREDIT UNDER VOLTAGE REGULATION TECHNOLOGY UNDER SUBDIVISION FORTY-SIX OF SUBSECTION (VV) SECTION TWO HUNDRED TEN S 3. Section 606 of the tax law is amended by adding a new subsection (vv) to read as follows: (VV) CREDIT FOR THE PURCHASE OF VOLTAGE REGULATION TECHNOLOGY. (1) ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO FIFTY PERCENT OF THE COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH TWO OF THIS SUBSECTION, UP TO A ONE THOUSAND DOLLAR LIMIT FOR ALL PURCHASES MADE BY SUCH TAXPAYER DURING THE TAXABLE YEAR. (2) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL ADOPT RULES AND REGULATIONS SETTING FORTH VOLTAGE REGULATION TECHNOLOGIES WHICH QUALIFY FOR THE CREDIT UNDER THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY PERCENT OF THE ELECTRICAL LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON ITS WEBSITE. (3) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT- ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C) OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. S 4. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law and shall apply to taxable years commencing on and after such date. Effective immediately, the addition, amendment and/or repeal of any rule or regulation neces- sary for the implementation of this act on its effective date are authorized to be made and completed by the New York state energy, research and development authority on or before such effective date.

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